April 24, 2025 CAUTION REGARDING FORWARD-LOOKING STATEMENTS FIRST QUARTER 2025 CONFERENCE CALL Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "a ...

分组1 - Teck Resources Ltd reported quarterly earnings of $0.42 per share, exceeding the Zacks Consensus Estimate of $0.24 per share, but down from $0.56 per share a year ago, representing a 75% earnings surprise [1] - The company posted revenues of $1.6 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.10%, compared to $2.96 billion in revenues a year ago [2] - Teck Resources has surpassed consensus EPS estimates in all four of the last quarters [2] 分组2 - The stock has underperformed the market, losing about 13.9% since the beginning of the year, while the S&P 500 declined by 8.6% [3] - The current consensus EPS estimate for the coming quarter is $0.23 on revenues of $1.63 billion, and for the current fiscal year, it is $1.42 on revenues of $7.33 billion [7] - The Mining - Miscellaneous industry, to which Teck Resources belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, indicating potential challenges ahead [8]

Group 1: Teck Resources Ltd (TECK) - TECK shares increased by 15% to $33.40, following a significant trading volume, contrasting with a 24.6% loss over the past four weeks [1] - The rise in TECK shares coincided with a 6.3% increase in copper futures for May delivery, reaching $4.40 per pound, after U.S. President Trump paused a reciprocal tariff package for 90 days [1] - The consensus EPS estimate for TECK's upcoming quarterly report is $0.25, reflecting a year-over-year decline of 55.4%, with expected revenues of $1.6 billion, down 45.8% from the previous year [2] Group 2: Earnings Estimates and Trends - Over the last 30 days, the consensus EPS estimate for Teck Resources has been revised 1.8% higher, indicating a potential for price appreciation [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [3] - The correlation between earnings estimate revisions and stock price movements highlights the importance of monitoring TECK for potential future strength [3] Group 3: Piedmont Lithium Inc. (PLL) - Piedmont Lithium's consensus EPS estimate has increased by 50% over the past month to -$0.46, representing a year-over-year change of 24.6% [4] - Piedmont Lithium also holds a Zacks Rank of 3 (Hold), indicating a similar neutral outlook as TECK [4]

Core Insights - Teck Resources Ltd (TECK) is positioned to continue its earnings-beat streak, having achieved an average surprise of 36.11% over the last two quarters [1][2] Earnings Performance - For the most recent quarter, Teck Resources reported earnings of $0.33 per share, exceeding the expected $0.22 per share, resulting in a surprise of 50% [2] - In the previous quarter, the company reported $0.44 per share against an expectation of $0.36 per share, leading to a surprise of 22.22% [2] Earnings Estimates and Predictions - Estimates for Teck Resources have been trending higher, supported by its history of earnings surprises [5] - The company currently has a positive Earnings ESP of +11.26%, indicating increased analyst optimism regarding its near-term earnings potential [8] - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a strong possibility of another earnings beat [8] Statistical Insights - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [6] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [7] Future Outlook - Teck Resources is expected to release its next earnings report on April 24, 2025 [8]

Core Viewpoint - Teck Resources Limited reported strong fourth-quarter 2024 results, with adjusted earnings per share (EPS) of 33 cents, exceeding expectations and showing significant improvement from the previous year [1][2]. Financial Performance - Adjusted EPS for 2024 was $1.91, surpassing the Zacks Consensus Estimate of $1.63, while the company reported a restated adjusted EPS of 41 cents for 2023 [10]. - Net sales for Q4 2024 reached $1.99 billion, a 47% year-over-year increase, exceeding the consensus estimate of $1.86 billion [3]. - Gross profit for Q4 was CAD$542 million ($387 million), a remarkable 256.6% increase from the previous year, with a gross margin of 19.5% compared to 8.2% a year ago [3][4]. - The adjusted EBITDA for Q4 was CAD$835 million ($596 million), up 160% year-over-year, with an EBITDA margin of 30% [4]. Segment Performance - The Copper segment's net sales rose 46.6% year-over-year to CAD1.67 billion ($1.19 billion), driven by higher production and prices, with total copper production reaching a record 122,100 tons, an 18.4% increase [5]. - The Zinc segment's net sales increased 58.6% year-over-year to CAD$1.11 billion ($0.79 billion), attributed to improved prices and sales volumes [6]. Cash Flow and Balance Sheet - The company generated a cash flow of CAD$1.29 billion ($0.92 billion) from operating activities in Q4 2024, a 14.4% increase year-over-year [8]. - Cash and cash equivalents at the end of 2024 were CAD$7.59 billion ($5.12 billion), significantly up from CAD$0.7 billion at the end of 2023, largely due to the sale of the steelmaking coal business [8]. Guidance - Teck Resources anticipates copper production between 490,000 and 565,000 tons and zinc production between 525,000 and 575,000 tons for the upcoming period [9]. Stock Performance - The company's shares have increased by 7.5% over the past year, contrasting with a 1.5% decline in the industry [11].

Financial Data and Key Metrics Changes - Teck Resources Limited generated $2.9 billion in adjusted EBITDA for 2024, more than double the previous year, with Q4 adjusted EBITDA increasing by 160% to $835 million compared to the same period last year [10][28] - The company returned $1.8 billion in cash to shareholders in 2024, including $514 million in dividends and $1.25 billion in share buybacks [8][29] - The company reduced its debt by $2.5 billion in 2024, including $275 million in Q4, and maintained a net cash position of $2.1 billion as of December 31, 2024 [10][48] Business Line Data and Key Metrics Changes - Copper production reached a record 446,000 tons in 2024, a 50% increase from the prior year, with Q4 production increasing to 60.7 thousand tons from 52.5 thousand tons in Q3 [10][20] - Zinc production at Red Dog improved, with increased production and a 16 US cents per pound reduction in net cash unit costs [11][39] - The copper segment's gross profit before depreciation and amortization more than doubled to $732 million in Q4 compared to the same period in 2023 [32] Market Data and Key Metrics Changes - Copper and zinc sales volumes each increased by 24% from Q4 of 2023, driven by strong base metals prices and higher sales volumes from the ramp-up of QB and Red Dog [30] - The company expects copper production to grow to between 490,000 and 565,000 tons in 2025, reflecting ongoing ramp-up at QB and improved grades at Highland Valley [25][36] - Zinc in concentrate production is expected to decline to 525,000 to 575,000 tons in 2025, down from 616,000 tons in 2024 [42] Company Strategy and Development Direction - Teck Resources Limited is repositioning as a pure-play energy transition metals company focused on copper and zinc following the sale of its steelmaking coal business [8] - The company is advancing near-term copper growth projects, including the MyLife Extension at Highland Valley and greenfield projects at Zafranal and San Nicolas, aiming for significant production increases by the end of the decade [26][55] - The capital allocation framework balances investment in growth with returns to shareholders, committing to return between 30% and 100% of available cash flows [46] Management's Comments on Operating Environment and Future Outlook - The management highlighted robust demand for copper and zinc driven by economic growth, urbanization, and electrification, despite global economic uncertainties [58][59] - The company is closely monitoring potential impacts from tariffs and trade restrictions, noting that any tariffs imposed by the US are not expected to materially affect its business [60][62] - Management expressed confidence in achieving production guidance and operational excellence while maintaining a strong focus on cost discipline [63][64] Other Important Information - Teck Resources Limited maintained a low high potential incident frequency of 0.12% across its operations in 2024, emphasizing its commitment to safety and sustainability [16] - The company received recognition for its sustainability leadership, being named one of Canada's top 100 employers for the eighth consecutive year [18] Q&A Session Summary Question: Can you provide an update on the QB2 ramp-up and its performance post-shutdown? - Management indicated that the ramp-up is progressing well and is in line with operational plans, with confidence in achieving the 2025 guidance range [70][72] Question: How does the capital allocation framework reconcile with potential M&A opportunities? - Management emphasized a focus on value creation for shareholders, with a strong balance sheet and ongoing share buybacks while also considering organic growth projects [84][87] Question: What is the status of the Highland Valley life extension project? - Management is in the final phases of the environmental assessment process and remains confident in obtaining necessary approvals [110] Question: How is the company addressing the cash flow situation at Trail? - Management highlighted cost reduction efforts and the strategic importance of Trail, particularly in the context of current market conditions and the production of critical metals [135][136]

CONFERENCE CALL FOURTH QUARTER 2024 February 20, 2025 1 CAUTION REGARDING FORWARD-LOOKING STATEMENTS Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the wo ...

Financial Performance - In Q4 2024, the company reported a profit from continuing operations attributable to shareholders of $385 million, a significant increase from a loss of $167 million in Q4 2023[19]. - Revenue for Q4 2024 was $2.786 billion, up from $1.843 billion in Q4 2023, while gross profit increased to $542 million from $152 million[24]. - Adjusted profit from continuing operations attributable to shareholders in Q4 2024 was $232 million, compared to $23 million in Q4 2023[20]. - Profit from discontinued operations was $1.2 billion in 2024, down from $2.6 billion in 2023, reflecting the sale of the steelmaking coal business[112]. - Operating cash flows from continuing operations improved to $1.3 billion in Q4 2024, compared to an outflow of $15 million in the same quarter last year[123]. - The company reported cash flow from operations of $1,288 million in Q4 2024, a significant increase from $1,126 million in Q4 2023[160]. - Basic earnings per share for Q4 2024 were $0.78, up from a loss of $1.35 in Q3 2024[160]. - Adjusted profit from continuing operations attributable to shareholders for the year ended December 31, 2024 was CAD$605 million, up from CAD$289 million in 2023[197]. Production and Sales - Copper sales volumes reached 124,900 tonnes in Q4 2024, up 24% year-over-year, while zinc in concentrate sales volumes also increased by 24% to 204,000 tonnes[17]. - The company achieved record copper production of 122,100 tonnes in Q4 2024, an increase of 18,700 tonnes from the same period last year[17]. - Record quarterly copper production reached 122,100 tonnes in Q4 2024, an 18% increase from 103,000 tonnes in Q4 2023[35]. - Copper production at Quebrada Blanca reached 60,700 tonnes in Q4 2024, up 77% from 34,300 tonnes in Q4 2023[172]. - Zinc production at Red Dog decreased by 17% year-over-year to 128,400 tonnes in Q4 2024, while refined zinc production at Trail Operations was 62,100 tonnes, down 7,800 tonnes due to a fire incident[76][90]. - Total zinc production at Trail Operations was 62,100 tonnes in Q4 2024, a decrease of 11% from 69,900 tonnes in Q4 2023[176]. Costs and Expenses - General and administration costs decreased by 33% to $59 million in Q4 2024, reflecting structural cost reductions implemented across the business[18]. - Total cash unit costs, including Quebrada Blanca (QB), were US$2.55 per pound in Q4 2024, up from US$2.20 per pound in Q4 2023[57]. - Other operating expenses decreased to $142 million in Q4 2024 from $170 million in Q4 2023, primarily due to lower environmental costs[101]. - Total cost of sales for 2024 was $7,458 million, compared to $5,364 million in 2023, indicating rising operational costs[169]. - The company expects total cash unit costs for copper to decrease from US$2.54 per pound in 2024 to a range of US$2.05 to US$2.35 in 2025[152]. Market Conditions and Outlook - Global copper demand remains strong, particularly in North America and China, driven by government and corporate spending on renewable energy and infrastructure[39]. - The company acknowledges ongoing uncertainty in global markets that may significantly affect commodity prices and financial results[135]. - The company expects to see an overall increase in ore grades in 2025 compared to 2024 as it continues to execute its mine plan[43]. - The company anticipates a decrease in general and administration costs by approximately 15% and research and innovation costs by about 35% in 2025 compared to 2024[145]. Shareholder Returns and Debt Management - The company completed the sale of its steelmaking coal business for total proceeds of $8.6 billion, with plans to allocate $3.5 billion for cash returns to shareholders[18]. - The company executed $1.25 billion of its authorized share buyback program of $3.25 billion in 2024[18]. - The company returned $549 million to shareholders in Q4 2024 through share buybacks and dividends[117]. - The company reduced its debt by US$196 million in Q4 2024, with total debt repayment of US$1.8 billion since January 1, 2024[118]. - Total debt as of December 31, 2024 was CAD$5,482 million, with a debt to adjusted EBITDA ratio of 1.9[200]. Capital Expenditures and Investments - Property, plant, and equipment expenditures in Q4 2024 totaled CAD$370 million, including CAD$218 million for sustaining capital[38]. - Capital expenditures for property, plant, and equipment were $422 million in Q4 2024, including $249 million for sustaining capital and $165 million for growth projects[125]. - The company plans to invest approximately US$430–485 million in copper growth capital expenditures in 2025, including US$100–110 million for HVC Mine Life Extension and US$220–240 million for Zafranal[64]. - Total capital expenditures for 2025 are guided to be between CAD$1,795 million and CAD$1,965 million, with sustaining capital for copper estimated at CAD$600-670 million[158]. Commodity Prices - Average LME copper prices rose by 13% to $4.17 per pound, and zinc prices increased by 22% to $1.38 per pound compared to the previous year[17]. - The average zinc price on the LME in Q4 2024 was US$1.38 per pound, a 10% increase from the previous quarter and a 22% increase year-over-year[80]. - The realized copper price was US$4.17 per pound in Q4 2024, a 13% increase compared to US$3.75 per pound in Q4 2023[31]. Exchange Rate and Financial Sensitivity - As of December 31, 2024, the company expects increased exposure to U.S./Canadian dollar exchange rate fluctuations due to a substantial cash balance held in U.S. dollars and reduced U.S. dollar debt[134]. - Adjusted profit from continuing operations is sensitive to changes in commodity prices and the Canadian/U.S. dollar exchange rate, with a CAD$0.01 change in the exchange rate estimated to affect adjusted profit by CAD$23 million[141].

Company Performance - Teck Resources Ltd reported quarterly earnings of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.22 per share, but down from $1.02 per share a year ago, representing an earnings surprise of 50% [1] - The company posted revenues of $1.99 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 7.35%, but down from $3.02 billion year-over-year [2] - Over the last four quarters, Teck Resources has surpassed consensus EPS estimates three times and topped consensus revenue estimates only once [2] Stock Movement and Outlook - Teck Resources shares have increased approximately 5.4% since the beginning of the year, outperforming the S&P 500's gain of 4.5% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to those expectations [4] - The current consensus EPS estimate for the coming quarter is $0.27 on revenues of $1.63 billion, and for the current fiscal year, it is $1.53 on revenues of $7.32 billion [7] Industry Context - The Mining - Miscellaneous industry, to which Teck Resources belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Teck Resources' stock performance [5][6]

Core Viewpoint - Teck Resources Limited has undergone a significant transformation in 2024, positioning itself as a pure-play energy transition metals company following the sale of its steelmaking coal business and achieving record copper production [2] Financial Performance - In Q4 2024, Teck reported revenues of CAD 2,786 million, a 51% increase from CAD 1,843 million in Q4 2023 [5] - Gross profit for Q4 2024 was CAD 542 million, compared to CAD 152 million in Q4 2023, marking a substantial improvement [5] - Adjusted EBITDA for Q4 2024 reached CAD 835 million, significantly up from CAD 321 million in the same quarter last year [6] - Profit from continuing operations attributable to shareholders was CAD 385 million in Q4 2024, a recovery from a loss of CAD 167 million in Q4 2023 [6] Production Highlights - Teck achieved record copper production of 122,100 tonnes in Q4 2024, contributing to an annual total of 446,000 tonnes, which is a 50% increase from 2023 [6][10] - The copper business generated a gross profit before depreciation and amortization of CAD 732 million in Q4 2024, up 160% year-over-year [6] - Zinc production also saw significant growth, with gross profit before depreciation and amortization reaching CAD 320 million in Q4 2024, a 112% increase from the previous year [6] Shareholder Returns - The company returned CAD 1.8 billion to shareholders in 2024 through share buybacks and dividends, with CAD 549 million executed in Q4 alone [6] - As of February 19, 2025, Teck completed CAD 1.45 billion of its authorized CAD 3.25 billion buyback program [6] Debt Management - Teck reduced its debt by USD 196 million in Q4 2024 and by USD 1.8 billion over the entire year [6] - The company's liquidity as of February 19, 2025, stood at CAD 11.3 billion, including CAD 7.1 billion in cash [6] Future Guidance - For 2025, Teck expects copper production to increase to between 490,000 and 565,000 tonnes, with a focus on ramping up operations at Quebrada Blanca [10][11] - Zinc production guidance for 2025 is set between 525,000 and 575,000 tonnes [11]